SAN JOSE, California and HEIDE, Germany – 1 July 2026 – Lyten, a global leader in batteries, energy storage and power for critical infrastructure, has announced the signing of an exclusive Memorandum of Understanding (MoU) to progress the acquisition of the Northvolt Drei assets near Heide, Germany. The MoU was signed by Lyten; KfW, Germany’s state-owned promotional bank; Northvolt Drei Project GmbH; and its shareholder LG Batterie GmbH.
Northvolt Drei was formerly owned by Northvolt AB and was an under-construction development of a battery gigafactory near Heide, Germany. The 110-hectare site had completed significant groundwork preparations and installation of power and utility infrastructure. Lyten will provide funding for the costs and expenses related to the maintenance and preservation of the assets, including employee expenses, upon signing of the MoU and exclusivity agreement with the State of Schleswig-Holstein.
The MoU signing follows months of positive discussions between all signatories and the Government of Schleswig-Holstein and leaders in the German Federal Government.
Dan Cook, Lyten CEO and Co-Founder, stated “We are thrilled to formally take the next steps towards completing the acquisition of the Northvolt Drei assets. Europe has entered a sustained period of infrastructure investment, driving long-term growth in power demand for electrification, AI data centers and defense. We are planning for Drei to be a German hub for clean battery and industrial manufacturing, collocated with AI infrastructure. The site is powered by abundant renewable energy and an incredibly talented regional workforce. This is a multi-decade asset for Lyten.”
In the last twelve months, Lyten has acquired additional former Northvolt assets across Europe, including Northvolt Ett, located in Skellefteå, Sweden and one of the largest battery manufacturing sites in Europe; Northvolt Dwa, located in Gdańsk, Poland and one of the largest BESS manufacturing sites in Europe; and Northvolt Labs, located in Västerås, Sweden and one of the largest battery R&D centers in Europe.
Lyten and all parties are working towards the signing of a definitive sales agreement in 3Q 2026 and any acquisition is subject to the satisfaction of customary regulatory and closing conditions. Terms of the MoU are not being released by Lyten or any party related to the transaction.
About Lyten
Founded in 2015, Lyten utilizes material science breakthroughs to power the next generation of critical infrastructure with batteries and energy storage systems. Lyten is the global leader in lithium-sulfur batteries and advanced 3D graphene materials and has raised over $625 million in equity funding and has signed letters of intent for up to $650 million in financing from the Export-Import Bank of the US. Lyten investors include Stellantis, FedEx, Honeywell, Nokia, Prime Movers Lab, the European Investment Fund and the Luxembourg Future Fund. No external investor holds more than a 5% stake in the company, and all significant investors are based in North America and Europe. Lyten’s board comprises members from the US and Europe. The US headquarters are in San Jose, California, and the European headquarters are in Luxembourg.
The company holds over 1100 granted or pending patents and currently manufactures its products in California, Sweden, and Poland. Lyten’s products include lithium-sulfur batteries for drones and autonomous systems, energy storage for power resiliency, and NMC prismatic batteries for mobility, defense, and BESS. Lyten’s R&D segment, LytwrX, has a growing portfolio of products utilizing 3D Graphene materials for concrete, additive manufacturing, composites, and sensors.
Lyten was ranked by *Fast Company* as the 8th most innovative energy company and featured on *Time* magazine’s list of the best US green technology companies in 2024, 2025 and 2026, and in 2025, for the third consecutive year, it was included in the Silicon Valley Defense Journal’s list of the 100 best national security companies.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the proposed acquisition of the Northvolt Drei assets, the anticipated negotiation and execution of a definitive sales agreement and the timing thereof, and Lyten’s plans for the Heide site and its broader European operations. These statements are based on Lyten’s current expectations and assumptions and are subject to risks, uncertainties and other factors that could cause actual results to differ materially, including the parties’ ability to negotiate and execute definitive transaction documents, the receipt of required regulatory and governmental approvals, and the satisfaction of customary closing conditions. Lyten undertakes no obligation to update any forward-looking statement, except as required by law.